Ok Guys,

We all knows prices are falling down. Did any one received new assessment from MPAC for your property. For me, they increased my house price by 7.5% from it's 2005 valuation. They also increased price by 3 % for next three years. So I have increase in my property tax for next three years by 3%. And in reality prices are falling down. Will MPAC review it's decision.

Any infomrmation are welcome.

Thanks

http://www.greaterfool.ca/2008/11/06/journey-down/

Someone on the site threw these numbers. GTA guys know better if these numbers make sense or not. If yes, then you are competing with Calgary.

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New numbers from Oakville
Average price in Oct 2007: 544, 246
Average price in Oct 2008: 429, 899
Thats a 21% drop!

Quote:

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Originally posted by Jignesh
We all knows prices are falling down. Did any one received new assessment from MPAC for your property. For me, they increased my house price by 7.5% from it's 2005 valuation. They also increased price by 3 % for next three years. So I have increase in my property tax for next three years by 3%. And in reality prices are falling down. Will MPAC review it's decision.

Any infomrmation are welcome.

Thanks

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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

I do not understand the logic behind increasing the property taxes if the house price go up. I mean, If I am not planning the sell the house and have permanently settled in the same house, why increase in property tax even if house price as gone up? Increase in house price does not do any good to me!
I bought the house say five years ago and budgeted my expenses according to my family income at that time.
Now the property tax have gone up by 12 % just because house price has gone up. I have not seen 12 % increase in my salary to compensate this or to compensate increase in gas, hydro, consumer gas, car insurance prices.

I believe property taxes should be based on square footage of lot/house.
You said it right. It's a scam. It's a rip off.

Below are the comments of one Mortgage Broker in response to the article Toronto housing prices plunge 13%



David WThu, Nov 6, 08 at 09:09 AM
Despite what Realtors are saying which is, when isn't it a good time to buy Real Estate now is the wrong time. Real Estate prices will continue to fall in the short term (12-18 months) as people worry about whether or not they will have a job, especially in Ontario. We have yet to see a significant drop in condo prices (which I expect to be between 20-25%) because there are too many and Realtors have bought more than half the units that will be complete by 2010 on speculation. The one thing nobody tells you (I'm a mortgage broker) is how tough it is to get a mortgage these days. Previously the banks would bend the rules a bit to help people qualify for financing. That is not happening anymore. In fact many lenders have pulled out of lending altogether or they want only the best possible deals. Anybody considering buying right now should sit on the sidelines and save more money.

http://www.canada.com/vancouversun/news/business/story.html?id=11006863-bd0e-42e4-b705-1ed841f68b3a


What I could understand that the end of the decline in home prices will come only when there are no new economic forces driving them down further till such time home prices will keep falling. As economists are predicting worst still to come for economy, I strongly believe that home prices will keep falling and 2009 may be the worst year for real estate market.

Keep well,

Cheers!

The world will repair, of course, but you have not seen the worst yet. Not even close. Yes we are different than US as we are missing one zero (500) in bayout package.

Nationally, there was one home built for every 157 people; in Alberta, a new house went up for every 145 people.”

In the United States, only one home was built for every 374


Ottawa boosts mortgage buyout by $50B

http://www.canada.com/calgaryherald/story.html?id=a9579dae-1fa0-45ef-917a-fb00f70ea9f9


Housing slowdown expected to worsen

http://www.canada.com/calgaryherald/news/calgarybusiness/story.html?id=6fb18520-64ba-4801-9c3d-8a6d3f9f497b

The slump in housing construction starts in Canada next year will be widespread and will be deeper than what is now being forecast by the federal housing agency, according to a real-estate industry consulting firm.

Starts will plunge more than 20 per cent to 165,000 units, Altus Group said Tuesday in a forecast that expects to see the pace of construction falling in every region and in all major cities.

The forecast pace of construction next year is also seven per cent less than the 178,000 projected by Canada Mortgage andHousingCorp.,whiletheAltusGroup projection for this year, at 208,700, is also somewhat less than the 212,000, now projected by CMHC.
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Q: how are realtors and other experts predicting 2009 market in their cities and their advice for future buyers?

Calgary - Nov. looks like:

Let’s look at the Calgary sales stats through the first 12 days of November

SFH - 257
Condo – 104

If you assume that the first 12 days is representative of the month, then we can extrapolate the estimated monthly sales for November 2008

SFH – 643 (down from 1103 in November 2007)
Condo – 260 (down from 496 in November 2007)

This represents a 41.7% decline from last year for SFHs and a 47.6% decline from last year for Condos.

No doubt the spinsters (CREB) and their media parrots will attribute the drop to “normal seasonal slowdowns”, Christmas, or “bad news from the US”.